Pincon Spirit breaches lower circuit; ties up with Spencer's Retail

India Infoline News Service | Mumbai | August 14, 2017 11:42 IST

Pincon Spirit Limited
Resuming trade on Monday following SAT’s stay on SEBI's order, Pincon Spirit breached lower circuit during early morning trade on the BSE.

The stock breached its lower circuit at Rs 57.35 per share, down by Rs 14.30 or 19.96%.

Also, the company announced in a BSE filing on Monday that it has entered into a tie-up with 26 retail outlets of Spencer's Retailfor selling and distribution of its edible oil viz. Pincon Mustard Oil and Pincon Soya Oil.

The stock attracted a traded volume of 51,567 shares and traded value of Rs 29.65 lakh on the NSE.

Last week, the Securities Appellate Tribunal (SAT) had stayed a SEBI's order to the stock exchanges which led to the suspension of trading in the stock of Pincon Spirits.
Stock view:
Pincon Spirit Ltd is currently trading at Rs 57.35, down by Rs 14.3 or 19.96% from its previous closing of Rs 71.65 on the BSE.
The scrip opened at Rs 57.35 and has touched a high and low of Rs 57.35 and Rs 57.35 respectively. So far 69510(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 315.88 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 80.3 on 25-Jan-2017 and a 52 week low of Rs 54.85 on 21-Nov-2016. Last one week high and low of the scrip stood at Rs 0 and Rs 0 respectively.
The promoters holding in the company stood at 32.82 % while Institutions and Non-Institutions held 3.59 % and 63.59 % respectively.
The stock is currently trading above its 200 DMA.